BATON ROUGE, La. (KLFY) — A Lafayette Parish insurance agent has been issued a cease and desist order by the Louisiana Department of Insurance (LDI) for alleged misappropriation of premium funds.
Matthew Sias, a property and casualty producer and owner of MSJ Insurance LLC (MSJ), has also been issued a revocation, a summary suspension and a fine, according to a press release. from LDI.
Sias allegedly accepted premium payments from multiple clients but failed to remit those premiums to the insurance companies, resulting in the cancellation of policies. Sias and MSJ have previously been issued regulatory actions for similar activity by LDI.
“Louisiana policyholders depend on agents to assist them in securing one of the most important purchases many of us will ever make and a breach of that trust will not be tolerated in Louisiana,” said Insurance Commissioner Jim Donelon. “I urge any consumers who have information about Mr. Sias or MSJ to come forward.”
Sias and MSJ have 30 days to request an administrative appeal.
Individuals or businesses with information regarding this case or other insurance-related activities are encouraged to report these matters to the LDI Division of Fraud and Enforcement by calling (225) 342-4956 or 1-800-259-5300.